POSCO to Ease Output Reduction

POSCO, the nation’s leading steelmaker, is expected to ease production cuts in the third quarter of the year as steel demand is on the rise and one of its furnaces halted for improvements is set to resume operation, industry sources said Sunday.

POSCO, the world’s fourthlargest steelmaker, slashed its output for the first time in its 41-year history in December as carmakers and home appliance makers reduced production at home and overseas.

In March, POSCO said it will extend output cuts into the second quarter from between 900,000 tons to 1 million tons in crude steel production.

According to the sources, POSCO is planning to operate one of its furnaces next month, whose operations have been halted since March for upgrading.